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2001 (2) TMI 124 - HC - Income TaxExtract: .......ds that the amount should be treated as income of the assessee. Applying the ratio of the said decision, it has to be held that the amount in question was taxable under section 41(1) of the Act. The question referred is, therefore, answered in the negative, in favour of the Revenue and against the assessee. Reference application stands disposed of.
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